US Automotive AfterMarket predicted to grow at higher CAGR during the forecast period due to the increasing number of sales of automobiles and rising penetration of electric vehicles in the United States.

Introduction of the US Automotive AfterMarket Report
The automotive aftermarket is the market of the automotive industry after-sales, concerned with distribution, retailing, and installation of all vehicles parts and components after the sales of the automobile by the original equipment manufacturer to the consumer. Aftermarket parts and accessories may or may not be manufactured by the original equipment manufacturer. The aftermarket encompasses parts for replacement, collision, and performance. The aftermarket delivers a wide range of parts of different qualities and prices for nearly all vehicles.

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Market Dynamic
Key Drivers and Emerging Trends
The factors driving the US Automotive AfterMarket include the increasing number of sales of automobiles in the United States. According to the Alliance for Automotive Innovation, US sales remained high despite COVID-19 in 2020, with nearly 14 million units sold. Moreover, new R&D initiatives in the automobile industry are transforming the market to better respond to the opportunities. According to Auto Alliance, in 2018, USD 105 billion was spent on R&D globally, almost a fifth (USD 18 billion) was spent in the United States. The rising penetration of electric vehicles in the market will boost the US Automotive AfterMarket . According to the International Council on Clean Transportation, the electric vehicle market in the United States has grown from thousand vehicles in 2010 to more than 3,15,000 vehicles sold annually from 2018 to 2020. In 2020, the electric share of new vehicle sales was approximately 2.4%, increasing from about 2% in 2019.The increasing production of tyre in US will boost the market during forecast period. According to the US Tire Manufacturers Association, in 2020, US registered 303.2 million units of total tire shipment.

Restraint in the US Automotive AfterMarket
However, the increasing number of counterfeited products in the market will restrain and hamper the market growth. Global counterfeiting rings have established a black market economy that could be worth trillions of dollars in the next few years. The automotive industry is one of the most lucrative avenues for counterfeiters.

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Vehicle Type – Segment Analysis
Based on the vehicle type, commercial vehicles are expected to grow at higher CAGR in the US Automotive AfterMarket during the forecast period due to the increasing commercial vehicle production. According to the International Organization of Motor Vehicle Manufacturers, in United States the total production of commercial vehicles in 2019 was 8.37 million.

Parts – Segment Analysis
Based on the parts, the tire segment is anticipated to grow at a higher CAGR during the forecast period. The increasing sales of tires in the US will boost the market. For instance, Bridgestone 2020 consolidated net sales were USD 28.93 billion, in which tire cover 83% of shares and Americas cover 32% of total tire production volume. According to the US tire Manufacturer Association, the US tire manufacturing industry contribute USD 148 billion in economic output in the United States.

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Key Developments:

• • In 2021, Lear Corp. announced that it is the lead investor for the Series C round of financing in CelLink Corporation, a San Carlos, California- based manufacturer of a new class of flat and flexible circuits that minimize complexity, space, and weight.

Segments covered in the Report:
The US Automotive AfterMarket has been segmented on the basis of vehicle type, parts, and sales channel. Based on vehicle type, the market is segmented into Passenger Vehicles, and Commercial Vehicles. Based on parts, the market is segmented into tire, battery, brakes parts, electronic component, body parts and others. Based on sales channel, the market is segmented into online, and offline.

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Key questions answered in this research report:

• • At what pace is US Automotive AfterMarket growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in US Automotive AfterMarket ? What will be the impact of drivers and restraints in the future?
  • Which Vehicle Type generated maximum revenues in 2020 and identify the most promising Vehicle Type during the forecast period?
  • What are the various parts of US Automotive AfterMarket and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

US Automotive AfterMarket by Vehicle Type

• • Passenger Vehicles
  • Commercial Vehicles

US Automotive AfterMarket by Parts

• • Tire
  • Battery
  • Brakes Parts
  • Electronic Component
  • Body Parts
  • Others

US Automotive AfterMarket by Sales Channel

• • Online
  • Offline